What is Important to Know About FAR Part 31 Training Webinar

Overview

This FREE webinar will offer attendees an overview of the three (3) most important areas of FAR Part 31, Contract Cost Principles and Procedures. Designed to simplify a complex regulatory topic, this session will help government contractors understand what FAR Part 31 requires, why these cost principles matter, and how they influence compliance and audit outcomes. Attendees will gain clarity on the distinction between direct and indirect costs, learn how to navigate the selected cost principles within FAR 31.205, and understand the role of allowability, allocability, and reasonableness in determining compliant cost charging. This overview provides practical value by reinforcing core concepts that support compliant cost structures, informed decision-making, and improved audit readiness for contractors operating in a highly regulated environment.

Learning Objectives

At the completion of this one-hour webinar, participants will be able to:

• Understand the purpose of the Federal Acquisition Regulation and the role of FAR Part 31, Contract Cost Principles and Procedures.
• Identify the three (3) critical areas of FAR Part 31 that affect cost compliance and audit readiness.
• Recognize the difference between direct and indirect costs and why proper classification is essential.
• Understand the requirements within FAR 31.205, Selected Costs, and how these cost principles influence allowability determinations.
• Recognize the importance of allowability, allocability, and reasonableness when determining whether a cost may be charged to a government contract.

Program Content

During the webinar, our faculty will discuss the following topics:

• An introduction to how FAR Part 31 is structured and how contractors should approach the cost principles during day-to-day accounting and contract administration
• A practical review of the three critical areas of FAR Part 31 that drive compliant cost practices and influence audit outcomes:
• How contractors determine whether a cost is treated as direct or indirect and why consistent application matters
• How to interpret and apply the selected cost principles in FAR 31.205 when evaluating specific cost categories
• How allowability, allocability, and reasonableness are applied in practice when assessing whether costs can be charged to government contracts

Note: This webinar will not duplicate the depth of a full-day course and will instead highlight the three (3) critical areas of FAR Part 31 that are most essential for compliance and audit readiness.

About Redstone GCI

RGCI enables contractors doing business with the U.S. government to comply with the complex and challenging procurement regulatory provisions and contract requirements by providing superior cost, pricing, accounting, and contracts administration consulting expertise to clients expeditiously, efficiently, and within customer expectations. Our consulting expertise and experience is unparalleled in understanding unique challenges of government contractors, our operating procedures are crafted and monitored to ensure rock-solid compliance, and our company’s charter and implementing policies are designed to continuously meet needs of clients while fostering a long-term partnership with each client through pro-active communication with our clients.